Greater Noida: Authority Takes Action Against Builders For Diverting Rs 355 Crore Flat Owners Money

YEIDA chairman Prabhat Kumar said that the authority will soon issue a notice to SDS Infracon Private Limited to for the cancellation of their project in Sector 26A.

Greater Noida, March 6: The Yamuna Expressway Industrial Development Authority has initiated action against two builders for diverting funds meant to finish housing projects to meet other business obligations.

Reports said that YEIDA has directed these builders not to sell any more flats in their project. The authority has also cancelled temporary completion certificate of a builder. They had allegedly diverted Rs 355 crore for other business purposes. The authority took the move after it audited 28 projects that have 13,000 flats and plots in YEIDA.

The action was taken weeks after YEIDA issued notices to eight builders for diverting Rs 840 crore meant for completing housing projects in its area.

Meanwhile, YEIDA chairman Prabhat Kumar said that the authority will soon issue a notice to SDS Infracon Private Limited to for the cancellation of their project in Sector 26A. They were given six months to complete the project, which was not done.